Maple Leaf Foods (TSX: MFI) has agreed to acquire Lightlife Foods, Inc., a leading manufacturer and brand of refrigerated plant-based protein foods in the United States, from Brynwood Partners VI L.P. for US $140 million, and related costs.
The transaction will close in March, subject to customary U.S. regulatory review.
Lightlife management will continue to lead the business, which will operate as a subsidiary of Maple Leaf.
Lightlife reported 2016 sales of approximately US$40 million and has 38% market share in the U.S. refrigerated plant proteins market. The company employs approximately 100 people at its facility in Turners Falls, Massachusetts, where it manufactures more than 30 innovative products, including plant-based tempeh, hot dogs, breakfast foods and burgers.
Brynwood Partners acquired Lightlife brand from Conagra Brands Inc (NYSE: CAG) for US $ [mepr-active rule=”374″ ifallowed=”hide”]##subscriber ONLY content##[/mepr-active][mepr-active rule=”374″]54.7[/mepr-active] million in cash in September 2013.
photo credit: Lightlife Foods